REG - Arkle Resources PLC - Review of 2022 Drilling on Stonepark

Arkle ResourcesAnnouncement

31/01/2023 11:00

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RNS Number : 4090O  Arkle Resources PLC  31 January 2023

 

31 January 2023

Arkle Resources PLC

 

("Arkle" or the "Company")

 

Review of 2022 Drilling on Stonepark

 

Group Eleven Resources Corp. ("Group Eleven"), the Company's partner (76.56%
interest) and operator of the 6 block Stonepark licences has issued a press
release covering their drilling programme on Stonepark in 2022. The key
finding is the discovery of two regional trends on the block.

 

John Teeling, Chairman of Arkle, commented, "The work completed in 2022 adds
significantly to the prospectivity of the Stonepark block. Two regional trends
have been identified, the Carrickittle trend in the south of the block and a
10km trend stretching from our existing zinc deposit discoveries toward the
southeast of the block. The Stonepark block increases in strategic importance
as more information is acquired on the potential for zinc lead in the Limerick
Volcanic Complex ("LVC")."

 

Highlights

-     Group Eleven completed 2,316m of drilling in 2022.

-     A significant discovery was the identification of a potential
mineralised fault structure related to the Carrickittle West discovery
prospect in the south of the Stonepark block.

-     Holes G11-499-01 and 02 drilled 100 metres apart, in the south
intersected low grade zinc but discovered significant evidence of a fault
structure that could be related to the Carrickittle West discovery hole.

-     This major fault announced in June 2022 now appears to have a
breadth of several kilometres adding significantly to the prospectivity of the
area.

-     Two holes in the north of the block added to the evidence of a
second trend, 10km in length, from the existing Stonepark deposit extending to
the southwest.

-     Permits have been applied for to drill the prospective Carrickittle
West deep hole. Once granted, Group Eleven will commence drilling when the
ongoing drill programme is completed on their own ground.

 

Extensive details are given in the Group Eleven press release included below.

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol)
in his capacity as the Qualified Person for the purposes of the AIM Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange.

 

 

Group Eleven Provides Results of Regional Drilling at Stonepark Zinc Project,
Ireland

 

Vancouver, Canada, January 31, 2023 - Group Eleven Resources Corp. (TSX-V:
ZNG; OTC: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company") is pleased to
report results from regional drilling at its Stonepark Project ("Stonepark",
76.56% interest), Ireland.

 

 

Highlights

·    At Carrickittle West prospect ("Carrickittle West"; Stonepark
Project; see news release dated June 16, 2022), drill applications have now
been submitted and drilling is expected to start later this year (specific
timing subject to receipt of permits, progress at Ballywire, etc)

·    Drilling on the Company's regional prospects within Stonepark has now
been completed with results summarized below

·    Key takeaway from regional drilling is that the major fault recently
discovered at Carrickittle West is now hypothesized to extend another 10-20km
to the SW and at least 30km to the NE, demonstrating the extent of the
structure trend and increased prospectivity at Carrickittle West

 

"At Carrickittle West, it is very encouraging to see the major fault
identified in June 2022, now appearing to be part of a larger structural trend
40-50km long. This significantly adds to Carrickittle West's discovery
potential."

 

Group Eleven's 2022 Drill Program in Ireland - Key Points

 

Group Eleven drilled 2,316m at its Stonepark Project (76.56% interest). A key
highlight is the identification of a potential mineralizing 'feeder' structure
at Carrickittle West (see news release dated June 16, 2022). In addition,
regional drilling fulfilled two other objectives: (i) keeping prospecting
licenses in good standing; and (ii) generating new ideas and high-priority
prospects for future drilling.

 

 

Exhibit 1. Regional Map of the PG West (100%) and Stonepark (76.56%) Zinc
Projects, Ireland

 

Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore (see Glencore's
Resources and Reserves Report dated December 31, 2021); (b) Stonepark MRE: see
the 'NI 43-101 Independent Report on the Zinc-Lead Exploration Project at
Stonepark, County Limerick, Ireland', by Gordon, Kelly and van Lente, with an
effective date of April 26, 2018, as found on SEDAR; and (c) the historic
estimate at Denison was reported by Westland Exploration Limited in 'Report on
Prospecting Licence 464' by Dermot Hughes dated May, 1988; the historic
estimate at Gortdrum was reported in 'The Geology and Genesis of the Gortdrum
Cu-Ag-Hg Orebody' by G.M. Steed dated 1986; and the historic estimate at
Tullacondra was first reported by Munster Base Metals Ltd in 'Report on Mallow
Property' by David Wilbur, dated December 1973; and later summarized in 'Cu-Ag
Mineralization at Tullacondra, Mallow, Co. Cork' by Wilbur and Carter in 1986;
the above three historic estimates have not been verified as current mineral
resources; none of the key assumptions, parameters and methods used to prepare
the historic estimates were reported and no resource categories were used;
significant data compilation, re-drilling and data verification may be
required by a Qualified Person before the historic estimates can be verified
and upgraded to be compliant with current NI 43-101 standards; a Qualified
Person has not done sufficient work to classify them as a current mineral
resource and the Company is not treating the historic estimates as current
mineral resources. 'Rathdowney Trend' is the south-westerly projection of the
Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

 

Stonepark Project, Ireland (75.56% interest) - Regional Drill Program

 

At Stonepark, the first three holes (totalling 1,812m) of the drill campaign,
were previously released (see news release dated June 16, 2022). The main
highlight of this drilling was the identification of a major fault structure
at Carrickittle West (see Exhibit 2), with at least 150m displacement,
hypothesized to represent at least one of the feeder structures which may have
sourced mineralization (e.g. Group Eleven's Stonepark zinc deposit 1  (#_ftn1)
, Glencore's nearby Pallas Green zinc deposit or any as yet undiscovered
mineralization) within the Limerick Volcanic Complex ("LVC"). This potential
'feeder' fault is interpreted as the SW extension of the Coonagh Castle Fault
which strikes for at least 30km NE of the LVC but whose presence, location and
significance was highly uncertain within the SW portion of the LVC (the
portion covered by Group Eleven's prospecting licenses). The four remaining
holes announced today (totalling 504m) add evidence of further extensions of
major prospective trends to the SW.

 

 

Exhibit 2. Drill Hole Map of the Stonepark (76.56%) Zinc Project, Ireland

Note: Iapetus Suture is a fault zone marking a collision (400 mln years ago)
between northern and southern parts of Ireland

 

Drill holes G11-449-01 and -02 (drilled 100m apart) intersected trace
mineralization (cm-scale blebs of sphalerite and 4.0m of 0.24% Zn+Pb,
respectively). This was unusual given the holes did not intersect the target
horizon (Waulsortian limestone), instead encountering sub-Waulsortian
lithologies and a mineralized intrusive dyke. This hydrothermal activity can
be interpreted as evidence of a fault structure nearby. Together with
re-assessed historic drilling and outcrop geology, the presence of a major
structure in the area is now an emerging hypothesis. This structure may
represent a SW continuation of the Coonagh Castle Fault (see 'Hypothesized CCF
Extension' in Exhibit 2).

 

In the northern part of the Stonepark property, two other holes also provided
useful information supporting the presence of a 10km-long prospective trend
starting at the Stonepark zinc deposit(1) and extending to the SW (see Exhibit
2). G11-2927-01 intersected a small fault with an associated mineralized zone
(0.36m of 1.30% Zn+Pb). This mineralized fault confirms tectonic and
hydrothermal activity in the area, corroborating geophysical evidence (gravity
and airborne magnetics) suggesting the presence of a large uplifted ('horst')
feature present along most of this trend. G11-3367-01 intersected strong
alteration, suggesting large fault structures nearby. Importantly, a potential
vector (extensive pyritic black-matrix-breccia or 'BMB'), occurs nearby.

 

Qualified Person

 

Technical information in this news release has been approved by Professor
Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS
(International Geoscience Services) Limited, and independent 'Qualified
Person' as defined under Canadian National Instrument 43-101.

 

Quality Assurance/Quality Control (QA/QC) Information

 

Group Eleven inserts certified reference materials ("CRMs" or "Standards") as
well as blank material, to its sample stream as part of its industry-standard
QA/QC programme. The QC results have been reviewed by the Qualified Person,
who is satisfied that all the results are within acceptable parameters. The
Qualified Person has validated the sampling and chain of custody protocols
used by Group Eleven.

 

About Group Eleven Resources

 

Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a
mineral exploration company focused on advanced stage zinc exploration in
Ireland. Additional information about the Company is available at
www.groupelevenresources.com (http://www.groupelevenresources.com) .

 

ON BEHALF OF THE BOARD OF DIRECTORS

Bart Jaworski, P.Geo.

Chief Executive Officer

 

E: b.jaworski@groupelevenresources.com  |  T: +353-85-833-2463

E: j.webb@groupelevenresources.com  |  T: 604-644-9514

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

Cautionary Note Regarding Forward-Looking Information

 

This press release contains forward-looking statements within the meaning of
applicable securities legislation. Such statements include, without
limitation, statements regarding the future results of operations, performance
and achievements of the Company, including the timing, content, cost and
results of proposed work programs, the discovery and delineation of mineral
deposits/resources/ reserves and geological interpretations. Although the
Company believes that such statements are reasonable, it can give no assurance
that such expectations will prove to be correct. Forward-looking statements
are typically identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those, which, by
their nature, refer to future events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of future results
or performance, and that actual results may differ materially from those in
forward looking statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any mineral
deposits that may be located. All of the Company's public disclosure filings
may be accessed via www.sedar.com (http://www.sedar.com) and readers are urged
to review these materials, including the technical reports filed with respect
to the Company's mineral properties.

 

 

 

 

 

Enquiries:

 Arkle Resources PLC
 John Teeling, Chairman                 +353 (0) 1 833 2833
 Jim Finn, Finance Director             +353 (0) 1 833 2833

 SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker
 Matthew Johnson/Adam Cowl                +44 (0) 203 470 0470

 First Equity Limited
 Joint Broker
 Jason Robertson                          +44 (0) 207 374 2212

 BlytheRay                                +44 (0) 207 138 3204
 Megan Ray
 Rachael Brooks

 Teneo
 Luke Hogg                                +353 (0) 1 661 4055

Information for Editors

Arkle is a diversified exploration company with principal assets in gold, zinc
and now lithium exploration licences in Ireland.  The Company currently has
two 100% owned gold projects (Mine River and Inishowen) and is in joint
venture with Group Eleven Resources Corp. at the Stonepark Zinc Project.

 1  (#_ftnref1) Stonepark MRE totals 5.1 million tonnes grading 8.7% Zn and
2.6% Pb (Technical Report dated 26 April 2018)

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